Advantages

Earn tax-free interest on investments in your TFSA, so your money grows more quickly than the same amount invested elsewhere with the same returns (Plus, when you make a withdrawal, you won't need to give any money to the taxman!)

Withdraw money from your TFSA without compromising your eligibility for or the amount of your income-tested credits and benefits, such as the Canada Child Tax Benefit, Old Age Security or Employment Insurance benefits

Continue to save even during retirement (Since there's no age limit for the TFSA, you can put aside some of your retirement income while enjoying tax benefits.)